Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to amend the existing Jobs Growth Incentive Agreement with The Ohio State University. Columbus City Council approved a Jobs Growth Incentive by Ordinance 1624-2010 on December 6, 2010, authorizing the Director of Development to enter into a thirty percent (30%) fifteen (15) year Jobs Growth Incentive with Ohio State University Medical Center in consideration of a real and personal property investment of $1.005 billion and the creation of 5,615 full time jobs. The need presently exists to amend the Jobs Growth Incentive Agreement to reflect a change in the name from The Ohio State University Medical Center to The Ohio State University on behalf of The Ohio State University Medical Center.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Jobs Growth Incentive Agreement with The Ohio State University Medical Center to change the grantee to The Ohio State University on behalf of The Ohio State University Medical Center; and to declare an emergency.
Body
WHEREAS, the Columbus City Council approved a Jobs Growth Incentive (JGI) with The Ohio State University Medical Center on December 6, 2010 by Ordinance 1624-2010; and
WHEREAS, the Jobs Growth Incentive (JGI) granted a 30%/15 year incentive in consideration of a real and personal property investment of 1.005 billion and the creation of 5,615 full time permanent positions; and
WHEREAS, The Ohio State University on behalf of The Ohio State University Medical Center plans to invest over a billion dollars to improve its medical campus as well as the OSU East campus at East Broad Street near Downtown and invest millions of dollars to revitalize the neighborhood surrounding the OSU East Facility; and
WHEREAS, the need exists to amend the Jobs Growth Incentive Agreement to reflect the name change of the grantee from The Ohio State University Medical Center to The Ohio State University on behalf of The Ohio State University Medical Center; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to amend the Jobs Growth Incentive Agreement between OSU on behalf of OSUMC and the City of Columbus for the economic development and continued improvement for the near east side community, all for the immediate preservation of the public health, peace, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY TH COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development is hereby authorized to amend the Jobs Growth Incentive Agreement to change the name of the grantee to The Ohio State University on behalf of The Ohio State University Medical Center.
Section 2. That the City of Columbus Jobs Growth Incentive Agreement is signed by The Ohio State University on behalf of The Ohio State University Medical Center within 90 days of passage of this ordinance, or this ordinance and the credit herein shall be null and void.
Section 3. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after the passage in the Mayor neither approves nor vetoes the same.